Fedex Corp

Company facts

Industry

Air Courier Services

Headquarters

Memphis, Tennessee

Most recent report

8-K, filed Jul 24, 2026

Incorporated

Delaware

Filings on record

1,002+ filings

On EDGAR

CIK 1048911

Fiscal year ends

May

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 6 of 27 sections worth reading, with 2 positive, 21 notable, and 5 negative flags.

• Business (Item 1)

  Major structural changes: spin-off, fiscal year shift, new segments, Supply Chain sale, pilot CBA.
  Positive

  • Full-time team member turnover improved to 18% in 2026 from 24% in 2025, indicating better retention.
  Notable

  • Fiscal year changed to calendar year effective June 1, 2026, requiring a seven-month transition period ending December 31, 2026.
  • Spin-off of FedEx Freight completed June 1, 2026: stockholders received one share per two FedEx shares; FedEx kept 19.9%.
  • New pilot collective bargaining agreement ratified June 9, 2026, effective June 29, 2026, amendable December 2030.
  • FedEx agreed to sell FedEx Supply Chain to CMA CGM for $1.4 billion, expected to close second half 2026.
  Negative

  • Part-time team member turnover increased to 78% in 2026 from 70% in 2025, driving elevated hiring of 469,000 team members.

• Risk Factors (Item 1A)

  Spin-Off, InPost bid, 2029 targets, and AI risk are all new company-specific facts.
  Notable

  • 2029 financial performance targets announced Feb 12, 2026. Execution risk with no assurance of achievement.
  • Spin-Off completed on June 1, 2026, reshaping FedEx into a smaller, more focused company. After FY2026.
  • Recognized a $647M pre-tax noncash mark-to-market pension gain in FY2026, distorting comparability.
  Negative

  • Amazon now offers its internal delivery to third parties, directly competing with FedEx. FY2026.

• Properties (Item 2)

  Contains fleet retirements, purchase commitments, and major changes in facilities and drop-off locations.
  Notable

  • FedEx retired 10 aircraft in FY2026 (4 B757-200, 1 A300-600, 5 MD-11) to align with fleet reduction.
  • Deposits on aircraft purchases increased 23% to $727M from $590M, despite fewer committed planes.
  • U.S. facilities count reclassified and reduced from ~1,800 to 1,085; Canada centers down from 100 to 96.
  • International drop-off locations more than doubled to 37,000 from 14,000, a major expansion.

• Market for the Stock (Item 5)

  New $5B buyback authorization; prior program exhausted with $1B ASR.
  Notable

  • Holders of record fell to 10,211 as of July 16, 2026, from 11,538 a year earlier.
  • In June 2026 (post-period) FedEx executed a $1.0B ASR with completion by end of September 2026.
  • New $5B buyback program authorized July 20, 2026; prior $5B program fully used.

• Management's Discussion (Item 7)

  Dense results, spin-off, tariff refunds, and new buyback. Company-specific facts throughout.
  Notable

  • MD-11 fleet grounded Nov 2025; expected fully returned by end of calendar 2026. Disrupted operations (FY2026).
  • Spin-off completed June 1, 2026. Cost $744M in FY2026 ($589M net of tax). FedEx Freight no longer consolidated.
  • International transformation programs may reduce ~5,000 employees. Expected pre-tax cost $225M-$325M through 2028 (FY2026).
  • FedEx agreed to buy 37% stake in InPost for ~€2.2B. Transaction expected in 2H 2026 (FY2026).
  • New $5.0B stock repurchase program authorized July 20, 2026, after completing 2024 program.
  Negative

  • Submitted $3.3B in IEEPA tariff refund claims, received $800M cash, recorded $749M liability for customer refunds (FY2026).
  • 14 class action lawsuits filed seeking refunds of IEEPA tariffs from FedEx; financial impact uncertain (FY2026).
  • FedEx Freight average daily shipments down 4%; LTL industry weak. Revenue per shipment up 4% from fuel surcharges (FY2026).

• Financial Statements (Item 8)

  Core financials with spin-off, debt, pilot CBA, tariff refunds, and pension details.
  Positive

  • U.S. pension plans overfunded by $1.4B at May 31, 2026, up from $0.6B.
  Notable

  • Pilot CBA ratified with 40% pay raise and $625M one-time payment accrued at May 31, 2026.
  • Announced sale of FedEx Supply Chain to CMA CGM for $1.4B on July 1, 2026.

What changed: FY2026 vs. FY2025

About 23% of FDX's FY2026 10-K is new information. 288 paragraphs were added, 439 changed, and 334 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 198
• Management's Discussion (Item 7) 134
• Business (Item 1) 129
• Risk Factors (Item 1A) 81
• Exhibits (Item 15) 63
• Form 10-K Summary (Item 16) 24
• Properties (Item 2) 16
• Cybersecurity (Item 1C) 8
• Market for the Stock (Item 5) 7
• Other Information (Item 9B) 2
• Accountant Fees (Item 14) 1